Sultan opens IREIS 2009 in Abu Dhabi

Several officials and diplomats from the UAE and other countries attended the opening of the show, which has attracted many property developers showing their latest projects in the real estate sector.

After cutting the ribbon, H.H. Dr. Sheikh Sultan went round the various stands at the show, accompanied by Antoine Georges, Director of Dome Exhibitions; the organizers of this event.

H.H. Dr. Sheikh Sultan talked to some exhibitors and then was briefed on the projects being carried out by the participating companies in Abu Dhabi, other UAE emirates and abroad.
H.H. Dr. Sheikh Sultan also visited major stands at the show and expressed admiration at the level of organization of the event and the design of some of the pavilions.

He also was assured by several company representatives that they are pursuing all their projects in the real estate sector and that all of them would be completed and delivered on time without delay. H.H. Dr. Sheikh Sultan said he was also pleased at the level of participation in the show as its area was expanded by nearly 25 per cent from last year.

Speaking about the real estate sector in the UAE, H.H. Dr. Sheikh Sultan said it is passing through a correction period as a result of the global economic crisis and the ensuing decline in oil prices. But he stressed that the present stage "remains a very suitable period for investment in the real estate sector following the recent decline in prices which have become very attractive compared with their previous levels."

H.H. Dr. Sheikh Sultan referred to measures taken by the UAE government to deal with the global crisis and to minimize its impact on the domestic economy despite a sharp drop in oil prices over the past few months.

H.H. Dr. Sheikh Sultan said he was confident that the government would spare no effort to support the domestic economy and inject more funds into the banking system to allow all banks to function normally and carry out their lending activities in the real estate and other sectors.

H.H. Dr. Sheikh Sultan said he believed the UAE real estate market would largely improve in the coming period, adding this would make the sector "more attractive for investment."
"The message I will like to deliver at this show is that the present period is suitable and encouraging for investment in the real estate sector given the prevailing prices," he said. "Banks will also be in a better position in the coming period and this will allow them to extend finance and other facilities to that sector...this of course will positively affect the real estate sector and the UAE economy at large."

A large number of visitors flocked to the Abu Dhabi National Exhibition Centre on the first day of the show, which has attracted more than 100 companies from the UAE and 10 other countries from the Middle East and other regions.

Many visitors said they were impressed by the show, adding it presented them with a chance to see the latest developments in the property sector. A daily seminar, attended by company executives and real estate experts, is held during the show to highlight the real estate developments in the UAE and other countries as well as the impact of the global financial crisis on the sector.